Proof of Financial Support for Canadian Student Visa!

International students who plan to study in Canada must meet several requirements before creating and submitting their Study Permit application to IRCC, including proof of funds or financial support.

Let’s discuss:

Documents are accepted for Proof of Funds.

  • Bank statement

This proof shows that you possess the funds you will use for your tuition and living expenses in Canada. Bank account statements or your financial sponsor’s bank account statements for a certain period of months preceding your application. If you intend to provide bank account statements, you must ensure the account is under your name.Such statements can be scanned copies of original statements stamped and signed by the bank.

  • Loan Approval Letters or Disbursement Letters

Students who do not possess funds but can secure a loan from a bank must provide a valid loan approval letter. You can acquire this from the bank that granted you the loan. However, this letter must specify that the bank loaned you the amount specified to pursue higher education in Canada.

  • Scholarship Letters

Students who could secure scholarships from the educational institute they will be studying at must submit a valid scholarship letter. You can acquire this letter from the educational institution or the donor agency offering the scholarship. Students who have received a Governmental Grant or Scholarship must provide a copy of this as proof of financial support

  • Loan Capability Certificates

Suppose you are submitting a loan capability certificate as proof of financial support for Canadian student visa. In that case, you must ensure it clearly states your name, your eligibility for the loan, and the conditional promise from the financial institution to grant you the loan.

. Reasons for Proof of Funds Rejection

 Insufficient Funds

Students coming to Canada alone must possess a minimum of 10,000 CAD plus funds to cover their tuition expenses per year. Tuition expenses in Canada vary between 20,000 CAD and 30,000 CAD per year, so you may need to show proof of at least 30,000 CAD or 40,000 CAD, depending on the education institution you are enrolled at.All international students must meet the minimum fund requirements before submitting their applications.

Bulk Deposits

Students who make a significant or “bulk” deposit to their account before submitting their student visa application are likely to get rejected. Such deposits offer the impression that these funds are not yours and were simply added to the account for proof of funds purposes.

 Personal Loans

Some international students may show proof of funds by obtaining personal loans. As mentioned earlier, you can obtain an education loan and use that as proof of funds. Some banks also issue personal loans for education purposes. However, IRCC often views these as being different from official education loans. Providing a personal loan as proof of funds increases the odds of your student visa application being rejected, so this practice should be avoided.

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